Daily crypto: Bitcoin cash rallies following news about mining giant IPO

The crypto markets have been quite stable during the last 24 hours, even though the biggest cryptocurrencies show green numbers.

The currency that has increased the most is bitcoin cash (+16,89%). Exactly what the increase is due to is, as usual, hard to say, but some analysts have linked the price rally to the fact that the Chinese mining giant Bitmain has applied for an IPO at the Hong Kong Stock Exchange.

According to sources, Bitmain owns more than one million bitcoin cash since December last year. According to Marouane Garcon, managing director of the crypto platform Amulet, this holding has increased the confidence of investors of bitcoin cash.

“It has been no secret that Bitmain holds massive amounts of bitcoin cash, but now that they are going public they are going to fill their already immense treasure chest with more money, and I’m confident a good chunk of it will go towards the development of bitcoin cash”, he says to Forbes.

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Price of bitcoin unchanged

The price of bitcoin (+0,06%) has been relatively unchanged in the last 24 hours. The world’s biggest cryptocurrency is currently trading at around $6,450.

The cryptocurrencies on top 100 that performed the best were eternal token (+24,32%) and electroneum (+22,97%), and the ones that performed the worst were metaverse etp (-11,37%) and populous (-7,95%).

*All numbers in this article are from Coinmarketcap.com.

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